The State Bank of India is a government owned corporation operating in the banking and financial services industry.
The ancestry of the bank can be traced back to the nineteenth century when the Bank of Calcutta was established on June 02, 1806. This bank was redesigned as the Bank of Bengal in 1809. A history of more than 200 years makes it the oldest bank commercial bank in the country. Later in 1843 the Bank of Bombay came into being followed by the Bank of madras in 1843. These three banks became the vanguards of Indian modern banking until 1921 when all these three banks amalgamated and the Imperial bank of India came into being. The Imperial Bank of India in turn evolved into the State Bank of India. The Government of India got the ownership of the Imperial Bank of India in 1955 and the Reserve Bank of India held a 60% stake till 2008 when the Indian government took over the stake that was previously held by the Reserve Bank of India.
The State bank of India has acquired many local banks including the Bank of Bihar, National Bank of Lahore, Krishnarao Baldeo Bank, Bank of Cochin and the State Bank of Indore. The merger of the State Bank of Saurashtra with the State bank of India on August 13, 2008 marked the beginning of the unification. The State Bank of India provides a wide range of banking products like consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management and credit cards.
The State bank of India has a vast network of branches in India as well as abroad. It has 14,816 branches in India including 9851 branches in Rural and Semi-urban areas. Apart from these it has 14 regional hubs and 57 Zonal offices spread across important cities of India. The bank also has 190 overseas offices spread over 36 countries worldwide.
Total Assets (in $ billion): 400.64
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The ranking of the banks is based on the total asset figures. Total assets figure of a bank is an indicator of the size of the bank. Net profit has not been used to rank the banks as it is not a true indicator of the financial condition of the bank.